Changing times usher in next phase for shale ///

It has now been 21 years since I attended the very first NAPE expo, a marketplace for buying and selling oil and gas prospects and producing properties. Over the past two decades, the expo has grown twenty-fold, and a lot has changed in terms of how deals are bought and sold, and what it takes to make money in the upstream industry. At a macro level, volatile oil prices dipped to five-year lows toward the end of 2014, and the new year has seen continued turmoil. E&P companies and service providers are working hard to find cost equilibriums to improve drilling economics which will determine near-term activity level within our industry. With the current outlook, everyone is looking for ways to enhance drilling, completion and personnel efficiencies. Plus, an increasingly unpredictable, global marketplace tells us that the old adage—the only constant is change—will continue to ring true. This sentiment was echoed last December in Denver by NAPE Business Conference keynote speaker and Noble Energy Chairman Chuck Davidson, when he encouraged industry to plan for the long term but noted that “every time we get comfortable projecting the future, something changes.”

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